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Shalimar Paints plans to raise PE Fund
By siliconindia
Mumbai: Shalimar Paints appointed investment bank Avendus Capital to scrutinize suitable buyers for their part of stake that they want to divest from, to raise funds for capacity expansion and business development, reports WSJ.
The fund will be used for expansion of their capacities at the existing manufacturing plants in Chennai by around 25 percent and product offerings to other niche segments and technological tie-ups with international firms.
Mumbai-based Shalimar Paints was incorporated in 1902. It diversifies in manufacture, marketing, sale and export of paints, enamels and varnishes primarily to the architectural and industrial sectors in India. Currently with a capacity of 57,000 tons with three plants, it is in the process of setting up fourth plant in Chennai with a capacity of 18,000 tons. Under the brand name ?Color Space?, the company offers more than 9,000 shades across all product lines.
